The UAE last year recorded a budget surplus of 2.2 percent, largely due to the introduction of the value-added tax (VAT). The surplus compares to deficits of 0.2 percent, 1.3 percent and 6.4 percent in 2017, 2016 and 2015, respectively, said a Wam report. Tax revenue, including VAT, amounted to 5.5 percent of the total public revenue of the UAE last year while oil revenues and the profits of public ...